Concerns about ensuring a level playing field have been raised by Cyprus, Greece and Malta in relation to the application of the cap on the price of Russian oil transported by ship to third countries, Community sources told the Cyprus News Agency, adding that these are the same concerns that had been raised from the beginning of the consultations on the measure, which is part of the European Union's eighth package of sanctions against Russia for its invasion of Ukraine.
The measure has been agreed to be implemented by countries belonging to the G7 group as well as the entire European Union, However, disagreements have been recorded regarding the ceiling on the price of oil above which it would be prohibited to insure its transport by EU-flagged vessels.
The discussion, ahead of the implementation of the measure on 5 December, continued during the day on Wednesday at Permanent Representatives (COREPER) level, as well as in bilateral meetings on Thursday, and was expected to continue later in the afternoon at COREPER level.
According to cross-community sources, the main issue is the disagreement between the Baltic countries and Poland on the level of the cap, as the figure being discussed, between $65 and $70, is considered too high, leaving a significant margin of profit for Russia.
The international press, including Reuters, also recall that Cyprus, Greece and Malta, countries with a significant maritime sector, consider the limit to be too low and are calling for compensatory measures or a longer period of adjustment.
Speaking to the Cyprus News Agency, EU sources pointed out that the concerns of the three countries, which were also raised at the start of the discussion, include the need for clarification on how to address the risk of not having the necessary compliance, as well as what compensatory measures would be in place in relation to the deletion of ships from their registers after the implementation of the package.
It will be recalled that in early October the EU Council adopted, as part of the eighth package of sanctions, the legal framework for imposing a cap on the price of Russian oil that can be transported to third countries as well as new restrictions on maritime transport of crude oil and petroleum products to third countries.
The approval had been made inter alia as a political signal to partners in the G7 and the international community on the readiness of EU member states to implement the measure.
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